Yep. So far, syncing and the iDisk work just like .Mac. iPhoto '08 didn't like trying to publish to it though, likely due to the new gallery. For me though sync was the big thing I wanted, just not at $99 a year.
It looks like earlier today the price money was awarded and so the project will be hitting sourceforge.net soon. From there it can only get better. It will be nice to be able to put it on my Linux server, instead of using my Mac Mini at home to talk to the Mac at work and my laptop over the slow cablemodem uplink.